Bank of New York Mellon Corp Purchases 901,897 Shares of EOG Resources, Inc. $EOG

Key Points

• Bank of New York Mellon increased its EOG Resources stake by 23.9% in the fourth quarter, buying 901,897 additional shares and bringing its holding to 4,669,969 shares worth about $490.4 million.
• EOG Resources reported strong quarterly results, posting EPS of $3.41 versus the $3.23 estimate and revenue of $6.92 billion, up 22.1% year over year and above analyst expectations.
• The company declared a quarterly dividend of $1.02 per share, payable July 31, implying an annualized yield of 2.9%; meanwhile, analysts currently rate the stock a consensus Moderate Buy with an average price target of $156.32.

Bank of New York Mellon Corp boosted its position in EOG Resources, Inc. (NYSE:EOG - Free Report) by 23.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,669,969 shares of the energy exploration company's stock after acquiring an additional 901,897 shares during the period. Bank of New York Mellon Corp owned 0.86% of EOG Resources worth $490,394,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Olistico Wealth LLC bought a new position in EOG Resources during the fourth quarter worth about $33,000. Physician Wealth Advisors Inc. raised its position in shares of EOG Resources by 103.0% during the fourth quarter. Physician Wealth Advisors Inc. now owns 335 shares of the energy exploration company's stock worth $35,000 after purchasing an additional 170 shares during the period. Laurel Wealth Advisors LLC acquired a new stake in shares of EOG Resources during the fourth quarter worth about $38,000. City Holding Co. raised its position in shares of EOG Resources by 469.2% during the fourth quarter. City Holding Co. now owns 370 shares of the energy exploration company's stock worth $39,000 after purchasing an additional 305 shares during the period. Finally, Osterweis Capital Management Inc. raised its position in shares of EOG Resources by 3,790.0% during the second quarter. Osterweis Capital Management Inc. now owns 389 shares of the energy exploration company's stock worth $47,000 after purchasing an additional 379 shares during the period. Institutional investors own 89.91% of the company's stock.

Insider Buying and Selling

In related news, COO Jeffrey R. Leitzell sold 5,698 shares of the company's stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $150.32, for a total value of $856,523.36. Following the transaction, the chief operating officer directly owned 88,045 shares of the company's stock, valued at approximately $13,234,924.40. This represents a 6.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Ann D. Janssen sold 4,161 shares of the stock in a transaction on Thursday, March 19th. The shares were sold at an average price of $140.04, for a total value of $582,706.44. Following the transaction, the chief financial officer directly owned 100,246 shares in the company, valued at $14,038,449.84. The trade was a 3.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 12,456 shares of company stock worth $1,788,033. Insiders own 0.14% of the company's stock.

EOG Resources Price Performance

EOG Resources stock opened at $141.68 on Thursday. The firm has a market capitalization of $75.46 billion, a P/E ratio of 13.94 and a beta of 0.25. EOG Resources, Inc. has a one year low of $101.59 and a one year high of $151.87. The business has a fifty day moving average price of $138.01 and a 200-day moving average price of $122.49. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.72 and a quick ratio of 1.53.

EOG Resources (NYSE:EOG - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The energy exploration company reported $3.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.23 by $0.18. EOG Resources had a return on equity of 19.25% and a net margin of 23.01%.The company had revenue of $6.92 billion during the quarter, compared to analyst estimates of $6.18 billion. During the same quarter last year, the company earned $2.87 earnings per share. The firm's quarterly revenue was up 22.1% on a year-over-year basis. As a group, equities research analysts forecast that EOG Resources, Inc. will post 15.67 EPS for the current year.

EOG Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Friday, July 17th will be issued a dividend of $1.02 per share. The ex-dividend date is Friday, July 17th. This represents a $4.08 dividend on an annualized basis and a dividend yield of 2.9%. EOG Resources's dividend payout ratio is 40.16%.

Analysts Set New Price Targets

A number of research firms have recently commented on EOG. DA Davidson raised their price target on EOG Resources from $148.00 to $153.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Piper Sandler lifted their target price on EOG Resources from $144.00 to $147.00 and gave the company a "neutral" rating in a research report on Wednesday, April 1st. Jefferies Financial Group lifted their target price on EOG Resources from $146.00 to $170.00 and gave the company a "buy" rating in a research report on Monday, April 13th. JPMorgan Chase & Co. boosted their price target on EOG Resources from $145.00 to $148.00 in a research report on Thursday, May 7th. Finally, Truist Financial lifted their target price on EOG Resources from $146.00 to $149.00 and gave the stock a "hold" rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and sixteen have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $156.32.

About EOG Resources

EOG Resources, Inc NYSE: EOG is an independent exploration and production company headquartered in Houston, Texas. Tracing its corporate origins to Enron Oil & Gas Company in the late 1990s, the company established itself as a stand‑alone E&P operator and has grown into one of the largest U.S. upstream producers. EOG focuses on the exploration, development and production of crude oil, condensate, natural gas and natural gas liquids (NGLs).

As an upstream-focused company, EOG's core activities include geologic and geophysical exploration, drilling and completion of wells, reservoir development, and the marketing of hydrocarbon production.

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